PNC Infratech Q4 FY26: Stable execution, thinner profitability, and a deep pipeline

Standalone Q4 FY26 revenue was INR 1,458 crore, EBITDA INR 175 crore (12.0 percent margin) and PAT INR 100 crore. For FY26, revenue was INR 4,633 crore, EBITDA INR 583 crore (12.6 percent margin) and PAT INR 344 crore.

For FY26, segmental revenue was Roads INR 4,070 crore (76 percent), Water INR 584 crore (11 percent) and Toll or Annuity INR 714 crore (13 percent).

Management guided standalone revenue of around INR 6,000 crore for FY27 and around INR 7,500 crore for FY28, with FY27 EBITDA margin around 12 percent.

The presentation states remaining value of contracts under execution is over INR 18,000 crore, including a contract of INR 1,091 crore where the appointed date is awaited, and notes a project of INR 2,040 crore under sub-judice.

The presentation outlines divestment of 12 road assets with enterprise value INR 9,006 crore and equity value INR 2,517 crore. Management stated the final tranche sale was completed in March 2026 and the entire payment from Vertis Infrastructure Trust has been received.

Solar: a 300 MW ISTS connected solar project with 150 MW or 600 MWh energy storage, with total EPC value around INR 2,000 crore (not included in orderbook in the presentation). Mining: an SECL contract of INR 2,957 crore for OB removal and coal extraction and transport over 5 years.